/raid1/www/Hosts/bankrupt/TCR_Public/110611.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, June 11, 2011, Vol. 15, No. 160
Headlines
AMBAC FIN'L: Has $25.4 Million Net Profit in April
BLOCKBUSTER INC: Has $201.2 Million Cash at May 1
BROWN PUBLISHING: Posts $57,974 Net Loss in 4-Weeks Ended May 1
EASTERN LIVESTOCK: Reports Cash Profit of $3.09MM in March 2011
EVANS OIL: Ends April 2011 With $117,562 in Operating Account
EVANS OIL: Long Run LLC Reports $1,514 Net Loss in April 2011
EVANS OIL: Octane LLC Posts $49,731 Net Loss in April 2011
EVANS OIL: RML LLC Reports $0 Net Income in April 2011
GREAT ATLANTIC & PACIFIC: Files Amended Report for Mar 27 - Apr 23
HARRY & DAVID: Bear Creek Posts $21,087 Loss From Mar 28 - Apr 23
HARRY & DAVID: Earns $81,477 From March 28 to April 23
HARRY & DAVID: H&D Posts $9.2MM Net Loss From March 28 to April 23
HARRY & DAVID: Operations Earns $678,802 From March 28 to April 23
INNKEEPERS USA: Posts April Operating Income of $2.9 Million
LEHMAN BROTHERS: Has $22.95 Billion in Cash at April 30
MSR RESORT: Reports $57,041 Net Income Before Reorganization Items
NORTEL NETWORKS: Ends March 2011 With $983 Million Cash
PFF BANCORP: Posts $119,498 Net Loss in April 2011
POINT BLANK: Reports $1.1 Million April Net Loss
PROFESSIONAL VETERINARY: Ends May 2011 With $11.73 Million Cash
SOUTHWEST GEORGIA: Reports EBITDA of $239,570 in April 2011
TRIBUNE CO: Has $7,527,000 Net Profit for April
TRICO MARINE: Reports $1.1 Million Net Income in April 2011
WASHINGTON MUTUAL: Ends April 2011 With $4.525 Billion Cash
*********
AMBAC FIN'L: Has $25.4 Million Net Profit in April
--------------------------------------------------
Ambac Financial Group, Inc.
Balance Sheet
As of April 30, 2011
ASSETS:
Current Assets:
Unrestricted Cash and Equivalents $34,276,821
Restricted Cash and Cash Equivalents 2,500,000
Accounts Receivable -
Notes Receivable 862,112
Inventories -
Prepaid Expenses -
Professional Retainers 4,347,414
Other Current Assets 22,582,156
-----------------
Total Current Assets 64,568,503
Property & Equipment:
Real Property and Improvements -
Machinery & Equipment -
Furniture, Fixtures, and Office Equipment -
Leasehold Improvements -
Vehicles -
Less: Accumulated Depreciation -
-----------------
Total Property & Equipment -
Other Assets:
Amounts Due From Insiders 426,514
Other Assets (977,054,415)
-----------------
Total Other Assets (976,627,901)
-----------------
Total Assets ($912,059,398)
=================
LIABILITIES AND OWNERS' EQUITY:
Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable -
Taxes Payable -
Wages Payable -
Notes Payable -
Rent/Leases - Building/Equipment -
Secured Debt/Adequate Protection Payments -
Professional Fees 12,780,667
Amounts Due to Insiders 238,530
Other Postpetition Liabilities 48,493
-----------------
Total Postpetition Liabilities 13,067,690
Liabilities Subject to Compromise (Prepetition):
Secured Debt -
Priority Debt -
Unsecured Debt 1,710,150,439
-----------------
Total Prepetition Liabilities 1,710,150,439
Total Liabilities 1,723,218,129
Owners' Equity:
Capital Stock 3,080,168
Additional Paid-in Capital 2,187,593,378
Partners' Capital Account -
Owners' Equity Account -
Retained earnings - prepetition (3,896,443,043)
Retained earnings - postpetition (976,968,638)
Adjustments to Owner Equity 47,460,608
Postpetition Contributions -
-----------------
Net Owners' Equity (2,635,277,527)
-----------------
Total Liabilities & Owners' Equity ($912,059,398)
=================
Ambac Financial Group, Inc.
Statement of Operations
For the month ended April 30, 2011
Gross Revenues -
Less: Returns & Allowances -
-----------------
Net Revenue -
Cost of Goods Sold:
Beginning Inventory -
Add: Purchases -
Cost of labor -
Other costs -
Less: Ending Inventory -
-----------------
Cost of Goods Sold -
Gross Profit -
Operating Expenses:
Advertising -
Auto and Truck Expense -
Bad Debts -
Contributions -
Employee Benefits Programs $25,962
Officer/Insider Compensation 96,154
Insurance -
Management Fees/Bonuses -
Office Expense -
Pension & profit sharing plans -
Repairs & Maintenance -
Rent and Lease Expense 95
Salaries/Commissions/Fees -
Supplies -
Taxes - Payroll 1,738
Taxes - Real Estate -
Taxes - Other -
Travel & Entertainment -
Utilities -
Other 345,671
-----------------
Total Operating Expenses Before 469,620
Depreciation
Depreciation/Depletion/Amortization -
-----------------
Net profit(loss) Before Other Income & (469,620)
Expenses
Other Income and Expenses:
Other income 24,378
Interest Expense -
Other Expense (25,607,791)
-----------------
Net profit (loss) Before Reorganization Items 25,162,549
Reorganization Items:
Professional Fees (196,810)
U.S. Trustee Quarterly Fees -
Interest on Cash from Chapter 11 -
Gain from Sale of Equipment -
Other Reorganization Expenses -
-----------------
Total Reorganization Expenses (196,810)
-----------------
Income Taxes -
-----------------
Net Profit (Loss) $25,359,359
=================
Ambac Financial Group, Inc.
Schedule of Cash Receipts and Disbursements
For the month ended April 30, 2011
Cash Beginning of Month $36,106,886
Receipts:
Cash Sales -
Accounts Receivable - Prepetition -
Accounts Receivable - Postpetition -
Loans and Advances -
Sale of Assets -
Other 6,970
Transfers 23,161,268
-----------------
Total Receipts 23,168,238
Disbursements:
Gross Payroll 97,117
Sales, Use, & Other Taxes -
Inventory Purchases -
Secured/Rental/Leases -
Insurance -
Administrative -
Selling -
Other 1,739,916
Owner Draw -
Transfers (to DIP Accts.) 23,161,268
Professional Fees -
U.S. Trustee Quarterly Fees -
Court Costs -
-----------------
Total Disbursements 24,998,301
-----------------
Net Cash Flow (1,830,063)
-----------------
Cash - End of Month $34,276,823
=================
About Ambac Financial
Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provided financial guarantees and
financial services to clients in both the public and private
sectors around the world.
Ambac Financial filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
10-15973) in Manhattan on Nov. 8, 2010. Ambac said it will
continue to operate in the ordinary course of business as "debtor-
in-possession" under the jurisdiction of the Bankruptcy Court and
in accordance with the applicable provisions of the Bankruptcy
Code and the orders of the Bankruptcy Court.
Ambac's bond insurance unit, Ambac Assurance Corp., did not file
for bankruptcy. AAC is being restructured by state regulators in
Wisconsin. AAC is domiciled in Wisconsin and regulated by the
Office of the Commissioner of Insurance of the State of Wisconsin.
The parent company is not regulated by the OCI.
Ambac's consolidated balance sheet -- which includes non-debtor
Ambac Assurance Corp -- showed $30.05 billion in total assets,
$31.47 billion in total liabilities, and a $1.42 billion
stockholders' deficit, at June 30, 2010.
On an unconsolidated basis, Ambac said in a court filing that
it has assets of ($394.5 million) and total liabilities of
$1.6826 billion as of June 30, 2010.
Bank of New York Mellon Corp., as trustee to seven different types
of notes, is listed as the largest unsecured creditor, with claims
totaling about $1.62 billion.
Peter A. Ivanick, Esq., Allison H. Weiss, Esq., and Todd L.
Padnos, Esq., at Dewey & LeBoeuf LLP, serve as the Debtor's
bankruptcy counsel. The Blackstone Group LP is the Debtor's
financial advisor. Kurtzman Carson Consultants LLC is the claims
and notice agent. KPMG LLP is tax consultant to the Debtor.
Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller,
Esq., at Morrison & Foerster LLP, in New York, serve as counsel
to the Official Committee of Unsecured Creditors. Lazard Freres
& Co. LLC is the Committee's financial advisor.
BLOCKBUSTER INC: Has $201.2 Million Cash at May 1
-------------------------------------------------
On June 1, 2011, Blockbuster Inc. and certain of its domestic
subsidiaries filed their monthly operating report for the 4-week
period ended May 1, 2011, with the U.S. Bankruptcy Court for the
Southern District of New York.
The Debtors reported a net loss of $660.1 million on total
revenues of $71.5 million for the period. The Company had an
operating loss of $112.3 million for the period. Results for the
period include a $581.9 million loss on the sale of its assets to
DISH Network Corp.
At May 1, 2011, the Debtors had $323.7 million in total assets,
$1.625 billion in total liabilities, and a stockholders'
deficit of $1.301 billion. At May 1, 2011, the Debtors had
$201.2 million in cash and cash equivalents, compared to
$74.1 million at April 3, 2011.
A copy of the monthly operating report is available at:
http://bankrupt.com/misc/blockbuster.april2011mor.pdf
About Blockbuster Inc.
Based in Dallas, Texas, Blockbuster Inc. (Pink Sheets: BLOKA,
BLOKB) -- http://www.blockbuster.com/-- is a global provider of
rental and retail movie and game entertainment. It has a library
of more than 125,000 movie and game titles.
Blockbuster Inc. and 12 U.S. affiliates initiated Chapter 11
bankruptcy proceedings with a pre-arranged reorganization plan
in Manhattan (Bankr. S.D.N.Y. Case No. 10-14997) on Sept. 23,
2010. It disclosed assets of $1 billion and debts of $1.4 billion
at the time of the filing.
Blockbuster's non-U.S. operations and its domestic and
international franchisees, all of which are legally separate
entities, were not included in the filings and are not parties to
the Chapter 11 proceedings.
Martin A. Sosland, Esq., and Stephen Karotkin, Esq., at Weil,
Gotshal & Manges, serve as counsel to the Debtors. Rothschild
Inc. is the financial advisor. Alvarez & Marsal is the
restructuring advisor with A&M managing director Jeffery J.
Stegenga as chief restructuring officer. Kurtzman Carson
Consultants LLC is the claims and notice agent.
A steering group of senior secured noteholders is represented by
James P. Seery, Esq., and Paul S. Caruso, Esq., at Sidley Austin
LLP. U.S. Bank National Association as trustee and collateral
agent for the senior secured notes is represented by David
McCarty, Esq., and Kyle Mathews, Esq., at Sheppard Mullin Richter
& Hampton LLP. BDO Consulting is the financial advisor for U.S.
Bank.
Lenders led by Wilmington Trust FSB are providing the DIP
financing. The DIP Agent is represented by Peter Neckles, Esq.
and Alexandra Margolis, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York.
The Official Committee of Unsecured Creditors has retained Cooley
LLP as its counsel.
The Bank of New York Trust Company, N.A., as trustee under that
certain indenture, dated as of Aug. 20, 2004, with respect to the
9% Senior Subordinated Notes due 2012 issued by Blockbuster Inc.,
is represented by Edward P. Zujkowski, Esq., at Emmet, Marvin &
Martin, LLP.
The Ad Hoc Studio Committee of Blockbuster Inc. et al. is
represented by Robert J. Feinstein, Esq., at Pachulski Stang Ziehl
& Jones LLP.
Blockbuster on Feb. 21, 2011, entered into an Asset Purchase and
Sale Agreement providing for the sale of substantially all of
their assets or the proceeds of those assets to a newly formed
entity named Cobalt Video Holdco LLC. For purposes of entering
into the Purchase Agreement, the Purchaser was established by
Monarch Alternative Capital LP, Owl Creek Asset Management LP,
Stonehill Capital Management, LLC, and Varde Partners, Inc. who
collectively hold more than 50% of the Senior Secured Notes and
each of which is a member of the Steering Committee. Cobalt Video
Holdco LLC, the stalking horse purchaser, was represented by Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP.
The auction was held earlier in April and Dish Network Corp. won
with an offer having a gross value of $320 million.
BROWN PUBLISHING: Posts $57,974 Net Loss in 4-Weeks Ended May 1
---------------------------------------------------------------
The Brown Publishing Company, et al., reported a net loss of
$57,974 on $9,295 of total revenue for the 4-week period ended
May 1, 2011.
At May 1, 2011, The Brown Publishing Company's balance sheet
showed $26.98 million in total assets, $48.97 million in total
liabilities, and a stockholders' deficit of $21.99 million.
A copy of the monthly operating report is available for free:
http://bankrupt.com/misc/brownpublishing.april2011mor.pdf
About Brown Publishing
The Brown Publishing Company, Brown Media Holdings Company and
their subsidiaries filed for Chapter 11 bankruptcy (Bankr.
E.D.N.Y. Lead Case No. 10-73295) on April 30, 2010, and May 1,
2010. Brown Publishing disclosed $65,009,164 in assets and
$102,947,175 as of the Chapter 11 filing.
BPC is a privately held community news and information
corporation, organized under the laws of the State of Ohio that,
prior to the sale of its assets, had been one of the largest
newspaper publishers in Ohio, and also operated publications in
Illinois, South Carolina, Texas and Utah. On Sept. 3, 2010, the
Debtors completed the sale of substantially all of their assets.
Brown Publishing sold most of its assets to Ohio Community Media
LLC, which was formed by the Company's lenders, for about
$21.8 million. Brown Publishing's New York newspaper group, Dan's
Papers Inc., was sold to Dan's Papers Holdings LLC for about
$1.8 million.
Edward M. Fox, Esq., and Eric T. Moser, Esq., at K&L Gates LLP,
serve as counsel for the Debtors. The Debtors also tapped Epiq
Bankruptcy Solutions, LLC, as claims and noticing agent; Thomas C.
Carlson as chief restructuring officer; CBIZ MHM, LLC as
accountants; and Mesirow Financial Consulting, LLC, as financial
advisors.
The U.S. Trustee for Region 2, appointed seven members to the
official committee of unsecured creditors in the Debtors' case.
Cole, Schotz, Meisel, Forman & Leonard, P.A., represents the
Committee in the Debtor's case. Argus Management Corporation
serves as Financial Advisors for the Official Committee.
EASTERN LIVESTOCK: Reports Cash Profit of $3.09MM in March 2011
---------------------------------------------------------------
James A. Knauer, the Chapter 11 trustee for Eastern Livestock Co.,
LLC, filed with the U.S. Bankruptcy Court for the Southern
District of Indiana on May 13, 2011, the Debtor's monthly
operating report for the month ended March 31, 2011. The Debtor
reported cash profit of $3,088,926 on total income of $3,138,899
for the period.
The Debtor made no payments to its attorney or other professionals
during the month.
The Debtor did not attach a copy of the income statement and
balance sheet.
A copy of the operating report is available at:
http://bankrupt.com/misc/easternlivestock.march2011mor.pdf
About Eastern Livestock
Eastern Livestock Co., LLC, was one of the largest cattle
brokerage companies in the United States, with operations and
assets located in at least 11 states. ELC was headquartered in
New Albany, Indiana, with branch locations across several states.
It shut operations in November 2010.
On Dec. 6, 2010, creditors David L. Rings, Southeast Livestock
Exchange, LLC, and Moseley Cattle Auction, LLC, filed an
involuntary Chapter 11 petition (Bankr. S.D. Ind. Case No. 10-
93904) for the Company. The creditors asserted $1.45 million in
claims for "cattle sold," and are represented by Greenebaum Doll &
McDonald PLLC. The Court entered an Order for Relief on Dec. 28,
2010. Judge Basil H. Lorch III, at the behest of the creditors,
appointed a trustee to operate Eastern Livestock's business.
The Chapter 11 trustee has tapped James M. Carr, Esq., at Baker &
Daniels LLP, as counsel. BMC Group Inc. is the claims and notice
agent. The Debtor has disclosed $81,237,865 in assets and
$40,154,698 in papers filed in Court.
An affiliate, East-West Trucking Co., LLC, filed a Chapter 7
petition (Bankr. S.D. Ind. Case No. 10-93799) on Nov. 23, 2010,
estimating assets and debts of $1 million to $10 million. The
petition was signed by Thomas P. Gibson, as manager. Michael J.
Walro, appointed as Chapter 7 Trustee for East-West Trucking, has
tapped James T. Young, Esq., at Rubin & Levin, P.C., in
Indianapolis -- james@rubin-levin.net -- as counsel.
Mr. Gibson, together with his spouse, Patsy M. Gibson, pursued a
personal bankruptcy case (Bankr. S.D. Ind. Case No. 10-93867) in
2010. Kathryn L. Pry, the court-appointed trustee for the
Gibson's Chapter 7 case, has tapped Dale & Eke, P.C., as
counsel.
EVANS OIL: Ends April 2011 With $117,562 in Operating Account
-------------------------------------------------------------
Evans Oil Company LLC filed a monthly operating report for the
period from April 1 to 30, 2011, disclosing a net loss of $181,532
on $16.83 million of revenue.
At April 30, 2011, the Debtor had $24.27 million in total assets,
$38.46 million in total liabilities, and an equity deficit of
$14.19 million. The Debtor ended the period with $117,562 in its
operating account with BB&T.
A copy of Evans Oil's operating report is available for
free at http://bankrupt.com/misc/evansoil.april2011mor.pdf
About Evans Oil
Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC,
distributes bulk oil, gas, diesel and lubricant products. Evans
Oil, together with affiliates, filed for Chapter 11 bankruptcy
protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30,
2011.
Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve
as bankruptcy counsel to the Debtors. Garden City Group Inc. is
the claims and notice agent. The Parkland Group Inc. is the
restructuring advisor.
Evans Oil estimated assets and debts at $10 million to $50 million
as of the Chapter 11 filing.
EVANS OIL: Long Run LLC Reports $1,514 Net Loss in April 2011
-------------------------------------------------------------
Long Run LLC reported a net loss of $1,514 on $0 revenue for the
month of April 2011.
At April 30, 2011, the Debtor had $1.04 million in total assets,
$1.58 million in total liabilities, and an equity deficit of
$542,303.
A copy of Long Run LLC's monthly operating report is available for
free at http://bankrupt.com/misc/longrun.april2011mor.pdf
About Evans Oil
Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC,
distributes bulk oil, gas, diesel and lubricant products. Evans
Oil, together with affiliates, filed for Chapter 11 bankruptcy
protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30,
2011.
Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve
as bankruptcy counsel to the Debtors. Garden City Group Inc. is
the claims and notice agent. The Parkland Group Inc. is the
restructuring advisor.
Evans Oil estimated assets and debts at $10 million to $50 million
as of the Chapter 11 filing.
EVANS OIL: Octane LLC Posts $49,731 Net Loss in April 2011
----------------------------------------------------------
Octane LLC reported a net loss of $49,731 on $0 revenue for the
month of April 2011.
At April 30, 2011, the Debtor had $3.38 million in total assets,
$3.76 million in total liabilities, and an equity deficit of
$377,550.
A copy of Octane LLC's monthly operating report is available for
free at http://bankrupt.com/misc/longrun.april2011mor.pdf
About Evans Oil
Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC,
distributes bulk oil, gas, diesel and lubricant products. Evans
Oil, together with affiliates, filed for Chapter 11 bankruptcy
protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30,
2011.
Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve
as bankruptcy counsel to the Debtors. Garden City Group Inc. is
the claims and notice agent. The Parkland Group Inc. is the
restructuring advisor.
Evans Oil estimated assets and debts at $10 million to $50 million
as of the Chapter 11 filing.
EVANS OIL: RML LLC Reports $0 Net Income in April 2011
------------------------------------------------------
RML LLC reported $0 net income on lease income of $164,652 for the
month of April 2011.
At April 30, 2011, the Debtor had $4.52 million in total assets,
$2.60 million in total liabilities, and total equity of
$1.92 million.
A copy of RML LLC's monthly operating report is available for free
at http://bankrupt.com/misc/rmlllc.april2011mor.pdf
About Evans Oil
Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC,
distributes bulk oil, gas, diesel and lubricant products. Evans
Oil, together with affiliates, filed for Chapter 11 bankruptcy
protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30,
2011.
Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve
as bankruptcy counsel to the Debtors. Garden City Group Inc. is
the claims and notice agent. The Parkland Group Inc. is the
restructuring advisor.
Evans Oil estimated assets and debts at $10 million to $50 million
as of the Chapter 11 filing.
GREAT ATLANTIC & PACIFIC: Files Amended Report for Mar 27 - Apr 23
------------------------------------------------------------------
On June 2, 2011, The Great Atlantic & Pacific Tea Company, Inc.,
and its U.S. subsidiaries filed their amended monthly operating
report for the period from March 27, 2011, to April 23, 2011, with
the U.S. Bankruptcy Court or the Southern District of New York.
The Debtors reported a net loss of $48.5 million on $568.6 million
of sales for the four weeks ended April 23, 2011.
At April 23, 2011, the Debtors' consolidated balance sheet showed
$2.570 billion in total assets, $3.651 billion in total
liabilities, $144.31 million in Series A redeemable preferred
stock, and a stockholders' deficit of $1.225 billion. The Debtors
ended the period with $365,049,000 in cash compared to
$349,471,000 at March 26, 2011.
A copy of the amended operating report is available at:
http://is.gd/zU5Vru
About Great Atlantic & Pacific
Founded in 1859, Montvale, New Jersey-based Great Atlantic &
Pacific is a leading supermarket retailer, operating under a
variety of well-known trade names, or "banners" across the mid-
Atlantic and Northeastern United States. It operates 395
supermarkets, combination food and drug stores, beer, wine, and
liquor stores, and limited assortment food stores in Connecticut,
Delaware, Massachusetts, Maryland, New Jersey, New York,
Pennsylvania, Virginia, and the District of Columbia. "Banners"
include A&P (101 stores), Food Basics (12 stores), Pathmark (128
stores), Super Fresh (57 stores), The Food Emporium (16 stores),
and Waldbaum's (59 stores).
A&P employs roughly 41,000 employees, including roughly 28,000
part-time employees. Roughly 95% of the workforce are covered by
collective bargaining agreements.
A&P and its affiliates filed Chapter 11 petitions (Bankr. S.D.N.Y.
Case No. 10-24549) on Dec. 12, 2010 in White Plains, New York. In
its petition, A&P reported total assets of $2.5 billion and
liabilities of $3.2 billion as of Sept. 11, 2010.
Paul M. Basta, Esq., James H.M. Sprayregen, Esq., and Ray C.
Schrock, Esq., at Kirkland & Ellis, LLP, in New York, and James J.
Mazza, Jr., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois,
serve as counsel to the Debtors. Kurtzman Carson Consultants LLC
is the claims and notice agent. Lazard Freres & Co. LLC is the
financial advisor. Huron Consulting Group is the management
consultant. Dennis F. Dunne, Esq., Matthew S. Barr, Esq., and
Abhilash M. Raval, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represent the Official Committee of Unsecured Creditors.
HARRY & DAVID: Bear Creek Posts $21,087 Loss From Mar 28 - Apr 23
-----------------------------------------------------------------
Bear Creek Orchards, Inc., reported a net loss of $21,087 on $0
net sales for the reporting period March 28, 2011, through
April 23, 2011.
At April 23, 2011, the Debtor's balance sheet showed $38.9 million
in total assets, $38.5 million in total liabilities, and
stockholders' equity of $407,663.
A copy of Bear Creek's initial monthly operating report is
available at:
http://bankrupt.com/misc/bearcreekorchards.initialmor.pdf
About Harry & David Holdings
Medford, Oregon-based Harry & David Holdings, Inc. -- aka Bear
Creek Corporation; Bear Creek Direct Marketing, Inc.; Bear Creek
Stores, Inc.; Bear Creek Operations, Inc.; and Bear Creek
Orchards, Inc. -- is a multi-channel specialty retailer and
producer of branded premium gift-quality fruit and gourmet food
products and gifts marketed under the Harry & David(R),
Wolferman's(R) and Cushman's(R) brands. It has 70 stores across
the country.
Harry & David Holdings filed for Chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 11-10884) on March 28, 2011.
Affiliates Harry and David (Bankr. D. Del. Case No. 11-10885),
Harry & David Operations, Inc. (Bankr. D. Del. Case No. 11-10886),
and Bear Creek Orchards, Inc. (Bankr. D. Del. Case No. 11-10887)
filed separate Chapter 11 petitions. The cases are jointly
administered, with Harry David Holdings as lead case.
Daniel J. DeFranceschi, Esq.; Paul Noble Heath, Esq.; and Zachary
Shapiro, Esq., at Richards Layton & Finger, serve as the Debtors'
local counsel. David G. Heiman, Esq.; Brad B. Erens, Esq.; and
Timothy W. Hoffman, Esq., at Jones Day, are the Debtors' legal
counsel. Rothschild Inc. is the Debtors' investment banker.
Alvarez & Marsal LLC is the Debtors' financial advisor. Garden
City Group Inc. is the Debtors' claims and notice agent. McKinsey
Recovery & Transformation Services U.S. LLC is being tapped as
management consultants.
Kristopher M. Hansen, Esq., and Erez E. Gilad, Esq., at Stroock &
Stroock & Lavan LLP; Thomas B. Walper, Esq., at Munger, Tolles &
Olson LLP; and Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer
& Feld LLP are counsel to principal noteholders. Moelis & Company
is the financial advisor to the principal noteholders.
Lowenstein Sandler has been retained as counsel to the unsecured
creditors committee in the Harry & David bankruptcy case.
The Debtors disclosed $304.3 million in total assets and
$360.8 million in total debts as of Dec. 25, 2010.
As reported in the TCR on June 9, 2011, Harry & David Holdings
filed with the U.S. Bankruptcy Court a Chapter 11 Plan of
Reorganization and related Disclosure Statement.
The Plan contemplates the reorganization of the Debtors through
(a) the elimination of the PBGC Claim and the Debtors' Senior
Notes in exchange for the issuance of new stock and (b) a rights
offering (the 'Rights Offering') that will provide the PBGC and
the Noteholders that meet certain SEC requirements with the
opportunity to purchase stock of the reorganized Debtors in
connection with their emergence from Chapter 11. The Debtors will
utilize the proceeds of the Rights Offering to repay outstanding
amounts under their second lien debtor-in-possession term loan and
to fund the Debtors' business operations going forward.
HARRY & DAVID: Earns $81,477 From March 28 to April 23
------------------------------------------------------
Harry & David Holdings, Inc., reported net income of $81,477 on $0
sales for the reporting period March 28, 2011, through April 23,
2011. The Debtor recognized a tax benefit of $81,477 for the
period. In a note to its statement of operations, the Debtor
disclosed that its normal-course accounting practice is to record
the consolidated tax entries at Harry & David Holdings, Inc.,
versus recording taxes at each individual company.
At April 23, 2011, the Debtor's balance sheet showed $86.0 million
in total assets, $159.5 million in total liabilities, and a
stockholders' deficit of $73.5 million.
A copy of Harry & David Holdings' initial monthly operating report
is available at:
http://bankrupt.com/misc/harry&davidholdings.initialmor.pdf
About Harry & David Holdings
Medford, Oregon-based Harry & David Holdings, Inc. -- aka Bear
Creek Corporation; Bear Creek Direct Marketing, Inc.; Bear Creek
Stores, Inc.; Bear Creek Operations, Inc.; and Bear Creek
Orchards, Inc. -- is a multi-channel specialty retailer and
producer of branded premium gift-quality fruit and gourmet food
products and gifts marketed under the Harry & David(R),
Wolferman's(R) and Cushman's(R) brands. It has 70 stores across
the country.
Harry & David Holdings filed for Chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 11-10884) on March 28, 2011.
Affiliates Harry and David (Bankr. D. Del. Case No. 11-10885),
Harry & David Operations, Inc. (Bankr. D. Del. Case No. 11-10886),
and Bear Creek Orchards, Inc. (Bankr. D. Del. Case No. 11-10887)
filed separate Chapter 11 petitions. The cases are jointly
administered, with Harry David Holdings as lead case.
Daniel J. DeFranceschi, Esq.; Paul Noble Heath, Esq.; and Zachary
Shapiro, Esq., at Richards Layton & Finger, serve as the Debtors'
local counsel. David G. Heiman, Esq.; Brad B. Erens, Esq.; and
Timothy W. Hoffman, Esq., at Jones Day, are the Debtors' legal
counsel. Rothschild Inc. is the Debtors' investment banker.
Alvarez & Marsal LLC is the Debtors' financial advisor. Garden
City Group Inc. is the Debtors' claims and notice agent. McKinsey
Recovery & Transformation Services U.S. LLC is being tapped as
management consultants.
Kristopher M. Hansen, Esq., and Erez E. Gilad, Esq., at Stroock &
Stroock & Lavan LLP; Thomas B. Walper, Esq., at Munger, Tolles &
Olson LLP; and Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer
& Feld LLP are counsel to principal noteholders. Moelis & Company
is the financial advisor to the principal noteholders.
Lowenstein Sandler has been retained as counsel to the unsecured
creditors committee in the Harry & David bankruptcy case.
The Debtors disclosed $304.3 million in total assets and
$360.8 million in total debts as of Dec. 25, 2010.
As reported in the TCR on June 9, 2011, Harry & David Holdings
filed with the U.S. Bankruptcy Court a Chapter 11 Plan of
Reorganization and related Disclosure Statement.
The Plan contemplates the reorganization of the Debtors through
(a) the elimination of the PBGC Claim and the Debtors' Senior
Notes in exchange for the issuance of new stock and (b) a rights
offering (the 'Rights Offering') that will provide the PBGC and
the Noteholders that meet certain SEC requirements with the
opportunity to purchase stock of the reorganized Debtors in
connection with their emergence from Chapter 11. The Debtors will
utilize the proceeds of the Rights Offering to repay outstanding
amounts under their second lien debtor-in-possession term loan and
to fund the Debtors' business operations going forward.
HARRY & DAVID: H&D Posts $9.2MM Net Loss From March 28 to April 23
------------------------------------------------------------------
Harry & David (H&D) reported a net loss of $9.2 million on
$14.6 million of sales for the reporting period March 28, 2011,
through April 23, 2011.
At April 23, 2011, the Debtor's balance sheet showed
$212.9 million in total assets, ($15.2) million in total
liabilities, and net owner equity of $228.1 million.
A copy of Harry & David's initial monthly operating report is
available at http://bankrupt.com/misc/harry&david.initialmor.pdf
About Harry & David Holdings
Medford, Oregon-based Harry & David Holdings, Inc. -- aka Bear
Creek Corporation; Bear Creek Direct Marketing, Inc.; Bear Creek
Stores, Inc.; Bear Creek Operations, Inc.; and Bear Creek
Orchards, Inc. -- is a multi-channel specialty retailer and
producer of branded premium gift-quality fruit and gourmet food
products and gifts marketed under the Harry & David(R),
Wolferman's(R) and Cushman's(R) brands. It has 70 stores across
the country.
Harry & David Holdings filed for Chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 11-10884) on March 28, 2011.
Affiliates Harry and David (Bankr. D. Del. Case No. 11-10885),
Harry & David Operations, Inc. (Bankr. D. Del. Case No. 11-10886),
and Bear Creek Orchards, Inc. (Bankr. D. Del. Case No. 11-10887)
filed separate Chapter 11 petitions. The cases are jointly
administered, with Harry David Holdings as lead case.
Daniel J. DeFranceschi, Esq.; Paul Noble Heath, Esq.; and Zachary
Shapiro, Esq., at Richards Layton & Finger, serve as the Debtors'
local counsel. David G. Heiman, Esq.; Brad B. Erens, Esq.; and
Timothy W. Hoffman, Esq., at Jones Day, are the Debtors' legal
counsel. Rothschild Inc. is the Debtors' investment banker.
Alvarez & Marsal LLC is the Debtors' financial advisor. Garden
City Group Inc. is the Debtors' claims and notice agent. McKinsey
Recovery & Transformation Services U.S. LLC is being tapped as
management consultants.
Kristopher M. Hansen, Esq., and Erez E. Gilad, Esq., at Stroock &
Stroock & Lavan LLP; Thomas B. Walper, Esq., at Munger, Tolles &
Olson LLP; and Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer
& Feld LLP are counsel to principal noteholders. Moelis & Company
is the financial advisor to the principal noteholders.
Lowenstein Sandler has been retained as counsel to the unsecured
creditors committee in the Harry & David bankruptcy case.
The Debtors disclosed $304.3 million in total assets and
$360.8 million in total debts as of Dec. 25, 2010.
As reported in the TCR on June 9, 2011, Harry & David Holdings
filed with the U.S. Bankruptcy Court a Chapter 11 Plan of
Reorganization and related Disclosure Statement.
The Plan contemplates the reorganization of the Debtors through
(a) the elimination of the PBGC Claim and the Debtors' Senior
Notes in exchange for the issuance of new stock and (b) a rights
offering (the 'Rights Offering') that will provide the PBGC and
the Noteholders that meet certain SEC requirements with the
opportunity to purchase stock of the reorganized Debtors in
connection with their emergence from Chapter 11. The Debtors will
utilize the proceeds of the Rights Offering to repay outstanding
amounts under their second lien debtor-in-possession term loan and
to fund the Debtors' business operations going forward.
HARRY & DAVID: Operations Earns $678,802 From March 28 to April 23
------------------------------------------------------------------
Harry & David Operations, Inc., reported net profit of $678,802 on
$666,678 of sales for the reporting period March 28, 2011, through
April 23, 2011.
At April 23, 2011, the Debtor's balance sheet showed $93.6 million
in total assets, $180.0 million in total liabilities, and a
stockholders' deficit of $86.4 million.
A copy of Harry & David Operations' initial monthly operating
report is available at:
http://bankrupt.com/misc/harry&davidoperations.initialmor.pdf
About Harry & David Holdings
Medford, Oregon-based Harry & David Holdings, Inc. -- aka Bear
Creek Corporation; Bear Creek Direct Marketing, Inc.; Bear Creek
Stores, Inc.; Bear Creek Operations, Inc.; and Bear Creek
Orchards, Inc. -- is a multi-channel specialty retailer and
producer of branded premium gift-quality fruit and gourmet food
products and gifts marketed under the Harry & David(R),
Wolferman's(R) and Cushman's(R) brands. It has 70 stores across
the country.
Harry & David Holdings filed for Chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 11-10884) on March 28, 2011.
Affiliates Harry and David (Bankr. D. Del. Case No. 11-10885),
Harry & David Operations, Inc. (Bankr. D. Del. Case No. 11-10886),
and Bear Creek Orchards, Inc. (Bankr. D. Del. Case No. 11-10887)
filed separate Chapter 11 petitions. The cases are jointly
administered, with Harry David Holdings as lead case.
Daniel J. DeFranceschi, Esq.; Paul Noble Heath, Esq.; and Zachary
Shapiro, Esq., at Richards Layton & Finger, serve as the Debtors'
local counsel. David G. Heiman, Esq.; Brad B. Erens, Esq.; and
Timothy W. Hoffman, Esq., at Jones Day, are the Debtors' legal
counsel. Rothschild Inc. is the Debtors' investment banker.
Alvarez & Marsal LLC is the Debtors' financial advisor. Garden
City Group Inc. is the Debtors' claims and notice agent. McKinsey
Recovery & Transformation Services U.S. LLC is being tapped as
management consultants.
Kristopher M. Hansen, Esq., and Erez E. Gilad, Esq., at Stroock &
Stroock & Lavan LLP; Thomas B. Walper, Esq., at Munger, Tolles &
Olson LLP; and Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer
& Feld LLP are counsel to principal noteholders. Moelis & Company
is the financial advisor to the principal noteholders.
Lowenstein Sandler has been retained as counsel to the unsecured
creditors committee in the Harry & David bankruptcy case.
The Debtors disclosed $304.3 million in total assets and
$360.8 million in total debts as of Dec. 25, 2010.
As reported in the TCR on June 9, 2011, Harry & David Holdings
filed with the U.S. Bankruptcy Court a Chapter 11 Plan of
Reorganization and related Disclosure Statement.
The Plan contemplates the reorganization of the Debtors through
(a) the elimination of the PBGC Claim and the Debtors' Senior
Notes in exchange for the issuance of new stock and (b) a rights
offering (the 'Rights Offering') that will provide the PBGC and
the Noteholders that meet certain SEC requirements with the
opportunity to purchase stock of the reorganized Debtors in
connection with their emergence from Chapter 11. The Debtors will
utilize the proceeds of the Rights Offering to repay outstanding
amounts under their second lien debtor-in-possession term loan and
to fund the Debtors' business operations going forward.
INNKEEPERS USA: Posts April Operating Income of $2.9 Million
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Innkeepers USA Trust reported operating income of
$2.9 million in April on revenue of $25 million. The net loss for
the month was $3.3 million after $3.6 million in reorganization
expenses, almost all attributable to professional fees, the hotel
owner said in the report filed in bankruptcy court. The loss
included $365,500 in interest costs.
About Innkeepers USA Trust
Innkeepers USA Trust is a self-administered Maryland real estate
investment trust with a primary business focus on acquiring
premium-branded upscale extended-stay, mid-priced limited service,
and select-service hotels.
Innkeepers, through its indirect subsidiaries, owns and operates
an expansive portfolio of 72 upscale and mid-priced extended-stay
and select-service hotels, consisting of approximately 10,000
rooms, located in 20 states across the United States.
Apollo Investment Corporation acquired Innkeepers in June 2007.
Innkeepers USA Trust and 91 affiliates filed for Chapter 11
protection on July 19, 2010 (Bankr. S.D.N.Y. Case No. 10-13800).
Paul M. Basta, Esq., at Kirkland & Ellis LLP, in New York; Anup
Sathy, P.C., Esq., Marc J. Carmel, Esq., at Kirkland & Ellis in
Chicago; and Daniel T. Donovan, Esq., at Kirkland & Ellis in
Washington, D.C., serve as counsel to the Debtors. AlixPartners
is the restructuring advisor and Marc A. Beilinson is the chief
restructuring officer. Moelis & Company is the financial advisor.
Omni Management Group, LLC, is the claims and notice agent.
Attorneys at Morrison & Foerster, LLP, represent the Official
Committee of Unsecured Creditors.
The Company's consolidated assets for 2009 totaled approximately
$1.5 billion. As of July 19, 2010, the Company and its affiliates
have incurred approximately $1.29 billion of secured debt.
The confirmation hearing for approval of Innkeepers' Chapter 11
plan is set for June 23.
LEHMAN BROTHERS: Has $22.95 Billion in Cash at April 30
-------------------------------------------------------
Lehman Brothers Holdings Inc. disclosed these cash receipts and
disbursements of the company, its affiliated debtors and other
controlled entities for the month ended April 30, 2011:
Beginning Cash & Investments (04/01/11) $23,236,000,000
Total Sources of Cash 1,917,000,000
Total Uses of Cash (2,222,000,000)
FX Fluctuation (20,000,000)
---------------
Ending Cash & Investments (04/30/11) $22,951,000,000
LBHI reported $2.598 billion in cash and investments as of
April 1, 2011, and $2.068 billion as of April 30, 2011.
The monthly operating report also showed that from April 1 to
30, 2011, a total of $27,072,000 was paid to professionals that
were retained in the Debtors' Chapter 11 cases.
From September 15, 2008 to April 30, 2011, a total of
$1,262,834,000 was paid to professionals, of which $431,749,000
was paid to the Debtors' turnaround manager, Alvarez & Marsal
LLC, while $293,833,000 was paid to their bankruptcy counsel,
Weil Gotshal & Manges LLP.
Lehman's monthly fees feel from about $30 million in recent
months and as much as $45 million for November, Bloomberg News
noted.
A full-text copy of the April 2011 Operating Report is available
for free at http://bankrupt.com/misc/LehmanMORApril011.pdf
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.
On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.
The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on Sept. 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
MSR RESORT: Reports $57,041 Net Income Before Reorganization Items
------------------------------------------------------------------
MSR Resort Golf Course LLC, et al., filed on May 25, 2011, with
the U.S. Bankruptcy Court for the Southern District of New York
its monthly operating report for the month ended April 30, 2011.
The Debtors reported a net loss of $1.11 million on total revenue
of $51.53 million for the month ended April 30, 2011. Net income
from continuing operations was $57,041. Reorganization expenses
totaled $1.17 million for the month, which consisted primarily of
professional fees associated with the Chapter 11 cases.
The Debtors' combined condensed balance sheet showed
$2.197 billion in total assets, $1.925 billion in total
liabilities, and partners' capital of $272.3 million.
A copy of the operating report is available at:
http://bankrupt.com/misc/msrresort.april2011mor.pdf
About MSR Resort
MSR Hotels & Resorts, formerly known as CNL Hotels & Resorts Inc.,
owns a portfolio of eight luxury hotels with over 5,500 guest
rooms, including the Arizona Biltmore Resort & Spa in Phoenix, the
Ritz-Carlton in Orlando, Fla., and Hawaii's Grand Wailea Resort
Hotel & Spa in Maui.
On Jan. 28, 2011, CNL-AB LLC acquired the equity interests in the
portfolio through a foreclosure proceeding. CNL-AB LLC is a joint
venture consisting of affiliates of Paulson & Co. Inc., a joint
venture affiliated with Winthrop Realty Trust, and affiliates of
Capital Trust, Inc.
Morgan Stanley's CNL Hotels & Resorts Inc. owned the resorts
before the Jan. 28 foreclosure.
Following the acquisition, five of the resorts with mortgage debt
scheduled to mature on Feb. 1, 2011, were sent to Chapter 11 by
the Paulson and Winthrop joint venture affiliates. MSR Resort
Golf Course LLC and its affiliates filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 11-10372) in Manhattan on Feb. 1.
The resorts subject to the filings are Grand Wailea Resort and
Spa, Arizona Biltmore Resort and Spa, La Quinta Resort and Club
and PGA West, Doral Golf Resort and Spa, and Claremont Resort and
Spa.
James H.M. Sprayregen, P.C., Esq., Paul M. Basta, Esq., Edward O.
Sassower, Esq., and Chad J. Husnick, Esq., at Kirkland & Ellis,
LLP, serve as the Debtors' bankruptcy counsel. Houlihan Lokey
Capital, Inc., is the Debtors' financial advisor. Kurtzman Carson
Consultants LLC is the Debtors' claims agent.
The five resorts had $2.2 billion in assets and $1.9 billion in
debt as of Nov. 30, 2010, according to court filings. In its
schedules, debtor MSR Resort disclosed $59,399,666 in total assets
and $1,013,213,968 in total liabilities.
NORTEL NETWORKS: Ends March 2011 With $983 Million Cash
-------------------------------------------------------
On June 1, 2011, Nortel Networks Inc., et al., filed their
unaudited condensed combined debtors-in-possession financial
statements included in the monthly operating report for March 2011
with the United States Bankruptcy Court for the District of
Delaware.
Nortel Networks Inc. reported a net loss of $11.0 million on
total revenues of $3.0 million for the period. Reorganization
items ? net totaled $18.0 million for the month.
Nortel Networks Inc. ended March 2011 with $983.0 million in cash
and cash equivalents, as compared to $1.0 billion at the beginning
of the month.
As of March 31, 2011, Nortel Networks Inc. had $1.448 billion
in total assets, $5.769 billion in total liabilities, and a
stockholders' deficit of $4.321 billion.
A full-text copy of the monthly operating report is available at:
http://bankrupt.com/misc/nortelnetworks.march2011mor.pdf
About Nortel Networks
Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/-- was
once North America's largest communications equipment provider.
It has sold most of the businesses while in bankruptcy.
Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List). Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.
The Monitor sought recognition of the CCAA Proceedings in the
U.S. by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164). Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.
Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions (Bankr. D. Del. Case No. 09-10138) on Jan. 14, 2009.
Judge Kevin Gross presides over the case. James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent. Fred S. Hodara, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, in New York, and
Christopher M. Samis, Esq., at Richards, Layton & Finger, P.A.,
in Wilmington, Delaware, represent the Official Committee of
Unsecured Creditors.
Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection. On May 28, 2009, at the request
of the Administrators, the Commercial Court of Versailles, France
ordered the commencement of secondary proceedings in respect of
Nortel Networks S.A. On June 8, 2009, Nortel Networks UK Limited
filed petitions in this Court for recognition of the English
Proceedings as foreign main proceedings under chapter 15 of the
Bankruptcy Code.
Nortel Networks divested off key assets while in Chapter 11. So
far, Nortel has raised $3.2 billion by selling its operations
as it prepares to wind up a two-year liquidation due to
insolvency.
Nortel Networks has filed a proposed plan of liquidation in the
U.S. Bankruptcy Court. The Plan generally provides for full
payment on secured claims with other distributions going in
accordance with the priorities in bankruptcy law.
In June 2011, Nortel will auction off its remaining patent
portfolio. Google Inc. is the lead bidder with a $900 million
offer.
PFF BANCORP: Posts $119,498 Net Loss in April 2011
--------------------------------------------------
PFF Bancorp, Inc., and Glencrest Investment Advisors, Inc.,
Glencrest Insurance Services, Inc., Diversified Builder Services,
Inc., and PFF Real Estate Services, Inc., filed on May 20, 2011,
their monthly operating reports for April 2011 with the
United States Bankruptcy Court for the District of Delaware.
PFF Bancorp reported a net loss of $119,498 on total income of
$157,912 for the period.
At April 30, 2011, PFF Bancorp had total assets of $57.73 million,
total liabilities of $162.19 million, and a stockholders' deficit
of $104.46 million. Total Bank Accounts were $46.66 million at
April 30, 2011, compared to $46.54 million at March 31, 2011.
A copy of the operating report is available at http://is.gd/v4cpuG
About PFF Bancorp
PFF Bancorp Inc. -- http://www.pffbank.com/-- was a non-
diversified unitary savings and loan holding company within the
meaning of the Home Owners' Loan Act with headquarters formerly
located in Rancho Cucamonga, California. Bancorp is the direct
parent of each of the remaining Debtors.
Prior to filing for bankruptcy, Bancorp was also the direct parent
of PFF Bank & Trust, a federally chartered savings institution,
and said bank's subsidiaries. PFF Bank & Trust was taken over by
regulators in November 2008, with the deposits transferred by the
Federal Deposit Insurance Corp. to U.S. Bank NA.
PFF Bancorp Inc. and its affiliates sought Chapter 11 protection
on Dec. 5, 2008 (Bankr. D. Del. Case No. 08-13127 to
08-13131). Chun I. Jang, Esq., and Paul N. Heath, Esq., at
Richards, Layton & Finger, P.A., serve as the Debtors' bankruptcy
counsel. Kurtzman Carson Consultants LLC serves as the Debtors'
claims agent. Jason W. Salib, Esq., at Blank Rome LLP, represents
the official committee of unsecured creditors as counsel.
POINT BLANK: Reports $1.1 Million April Net Loss
------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Point Blank Solutions Inc. filed an operating report
showing a $1.l million net loss in April on net sales of $11.6
million. Operating income for the month was $214,000.
Reorganization costs were $1.5 million while interest expense was
$302,000.
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.
The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.
Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on
April 14, 2010. Laura Davis Jones, Esq., and Timothy P. Cairns,
Esq., at Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy
counsel to the Debtor. Olshan Grundman Frome Rosenweig & Wolosky
LLP serves as corporate counsel. T. Scott Avila of CRG Partners
Group LLC is the restructuring officer. Epiq Bankruptcy Solutions
serves as claims and notice agent.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. The Equity Committee has tapped Morrison
Cohen LLP, Baker & McKenzie LLP, and The Bayard, P.A., as its
counsel. Robert M. Hirsh, Esq., and Heike M. Vogel, Esq., at
Arent Fox LLP, serve as counsel to the Creditors Committee, and
Frederick B. Rosner, Esq., and Brian L. Arban, Esq., at Messana
Rosner & Stern LLP, serve as co-counsel.
Point Blank hasn?t been able to go ahead with the plan-approval
process due to disputes with the Equity Committee.
PROFESSIONAL VETERINARY: Ends May 2011 With $11.73 Million Cash
---------------------------------------------------------------
On June 6, 2011, Professional Veterinary Products, Ltd., and
its subsidiaries, ProConn, LLC, and Exact Logistics, LLC, filed
their unaudited monthly operating report for May 2011 with
the U.S. Bankruptcy Court for the District of Nebraska.
The Debtors submitted a summary of cash receipts and disbursements
for the period, disclosing:
Beginning Balance $11,368,247
Total Receipts $575,812
Disbursements $213,503
Net Cash Flow $362,309
Ending Cash Balance $11,730,556
Disbursements for professional and trustee fees totaled $168,322.
A copy of the operating report is available at http://is.gd/DA5MfG
About Professional Veterinary Products
Professional Veterinary Products Ltd. -- http://www.pvpl.com/--
operates a veterinary supply company owned and managed by
veterinarians.
Professional Veterinary sought Chapter 11 protection from
creditors on Aug. 20, 2010, in Omaha, Nebraska (Bankr. D. Neb.
Case No. 10-82436). Affiliates ProConn and Exact Logistics also
filed for Chapter 11.
The Company reported $89.79 million in total assets,
$78.23 million in total liabilities, and $11.56 million in
stockholders' equity at April 30, 2010.
The Company hired McGrath North Mullin & Kratz PC LLC, as
bankruptcy counsel and Alliance Management as financial and
restructuring advisors.
SOUTHWEST GEORGIA: Reports EBITDA of $239,570 in April 2011
-----------------------------------------------------------
Southwest Georgia Ethanol LLC filed reported a net loss of
$1.3 million on total revenue of $30.2 million for the month ended
April 30, 2011. EBITDA was $239,570 for the month.
For the seven months ended April 30, 2011, the net loss was
$11.3 million on total revenue of $175.2 million. EBITDA was
$3.7 million for the seven months ended April 30, 2011.
The Debtor's balance sheet at April 30, 2011, showed
$168.6 million in total assets, $147.3 million in total
liabilities, and total equity of $21.3 million.
A copy of the April 2011 operating report is available at:
http://bankrupt.com/misc/swge.april2011mor.pdf
About Southwest Georgia Ethanol
Southwest Georgia Ethanol LLC, a unit of First United Ethanol Co.,
sought bankruptcy protection (Bankr. M.D. Ga. 11-10145) in Albany,
Georgia, on Feb. 1, 2011.
The Debtor owns and operates an ethanol production facility
located on 267 acres in Mitchell County, Georgia, producing
100 million gallons of ethanol annually. Ethanol production
operations commenced in October 2008. Revenue was $168.9 million
for fiscal year ended Sept. 30, 2010. The Debtor said
profitability and liquidity have been materially reduced by
unfavorable fluctuations in commodity prices for ethanol and corn.
John Michael Levengood, Esq., at McKenna Long & Aldridge LLP, in
Atlanta, Georgia, serves as counsel to the Debtor. Morgan Keegan
& Company, Inc., is the investment banker and financial advisor.
The Debtor's balance sheet showed $164.7 million in assets and
$134.1 million in debt as of Dec. 31, 2010.
Bloomberg News notes that since 2008, at least 11 ethanol-related
companies have sought court protection, including VeraSun Energy
Corp., once the second-largest U.S. ethanol maker; units of
Pacific Ethanol Inc.; and White Energy Holding Co.
TRIBUNE CO: Has $7,527,000 Net Profit for April
-----------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of April 24, 2011
ASSETS
Current Assets:
Cash and cash equivalents $1,128,678,000
Accounts receivable, net 444,916,000
Inventories 23,186,000
Broadcast rights 193,568,000
Prepaid expenses and other 217,238,000
------------------
Total current assets 2,007,586,000
Property, plant and equipment, net 939,967,000
Other Assets:
Broadcast rights 138,467,000
Goodwill & other intangible assets, net 783,497,000
Prepaid pension costs 2,112,000
Investments in non-debtor units 1,525,681,000
Other investments 37,624,000
Intercompany receivables from non-debtors 3,098,432,000
Restricted cash 726,585,000
Other 84,244,000
------------------
Total Assets $9,334,195,000
==================
LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Current portion of broadcast rights $122,930,000
Current portion of long-term debt 3,708,000
Accounts payable, accrued expenses, and other 422,241,000
------------------
Total current liabilities 548,879,000
Pension obligations 232,847,000
Long-term broadcast rights 89,723,000
Long-term debt 5,867,000
Other obligations 177,117,000
------------------
Total Liabilities 1,054,433,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 3,459,117,000
Obligations to third parties 13,092,791,000
------------------
Total Liabilities Subject to Compromise 16,551,908,000
Shareholders' Equity (Deficit) (8,262,146,000)
------------------
Total Liabilities & Shareholders' Equity
(Deficit) $9,334,195,000
==================
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period From Mar. 28 to Apr. 24, 2011
Total Revenue $231,845,000
Operating Expenses:
Cost of sales 126,569,000
Selling, general and administrative 69,755,000
Depreciation 10,968,000
Amortization of intangible assets 1,113,000
------------------
Total operating expenses 208,405,000
------------------
Operating Profit (Loss) 23,440,000
------------------
Income (loss) on equity investments, net 1,368,000
Interest expense, net (3,266,000)
Management fee (925,000)
Non-operating income (loss), net -
------------------
Income (loss) before income taxes & Reorg.
Costs 20,617,000
Reorganization costs (12,655,000)
------------------
Income (loss) before income taxes 7,962,000
Income taxes (435,000)
------------------
Income (loss) from continuing operations 7,527,000
Income from discontinued operations, net of tax 0
------------------
Net Income (Loss) $7,527,000
==================
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period From Mar. 28 to Apr. 24, 2011
Beginning Cash Balance $1,828,321,000
Cash Receipts:
Operating receipts 222,179,000
Other -
------------------
Total Cash Receipts 222,179,000
Cash Disbursements
Compensation and benefits 76,171,000
General disbursements 121,599,000
Reorganization related disbursements 10,118,000
------------------
Total Disbursements 207,888,000
------------------
Debtors' Net Cash Flow 14,291,000
------------------
From/(To) Non-Debtors 6,642,000
------------------
Net Cash Flow 20,933,000
Other (2,171,000)
------------------
Ending Available Cash Balance $1,847,083,000
==================
Tribune Company Executive Vice President and Chief Financial
Officer Chandler Bigelow II disclosed that the Debtors paid a
total of $10,242,658 to about 29 professionals retained in their
Chapter 11 cases for the period from March 28 to April 24, 2011.
Since the Petition Date, the Debtors made payments totaling
$157,647,301 to professionals.
Sidley Austin LLP, counsel to the Debtors, was paid the most,
with $6,140,188 paid for fees and expenses received for the
period from March 28 to April 24, 2011, resulting to a total of
$41,729,975 paid since the Petition Date.
Co-counsel to the Official Committee of Unsecured Creditors,
Chadbourne & Parke LLP, which did not collect any payments for
the March 28 to April 24 period was paid $27,913,574 in fees and
expenses since the Petition Date.
Alvarez & Marsal North America, LLC, collected a total of
$795,613 in fees and expenses for the period March 28 to
April 24, 2011, bringing its total collected payments to
$14,680,956 since the Petition Date. Alvarez & Marsal is the
Debtors' restructuring advisor.
A full-text copy of the Debtors' operating report from
March 28 to April 24, 2011 is available for free at:
http://bankrupt.com/misc/TribuneMar28toApr24MOR.pdf
About Tribune Co.
Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.
The Company and 110 of its affiliates filed for Chapter 11
protection on December 8, 2008 (Bankr. D. Del. Lead Case No. 08-
13141). The Debtors proposed Sidley Austin LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. And Alvarez & Marsal North America LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent. As
of December 8, 2008, the Debtors have $7,604,195,000 in total
assets and $12,972,541,148 in total debts. Chadbourne & Parke LLP
and Landis Rath LLP serve as co-counsel to the Official Committee
of Unsecured Creditors. AlixPartners LLP is the Committee's
financial advisor. Landis Rath Moelis & Company serves as the
Committee's investment banker. Thomas G. Macauley, Esq., at
Zuckerman Spaeder LLP, in Wilmington, Delaware, represents the
Committee in connection with the lawsuit filed against former
officers and shareholders for the 2007 LBO of Tribune.
Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy
News. The newsletter tracks the chapter 11 proceeding undertaken
by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TRICO MARINE: Reports $1.1 Million Net Income in April 2011
-----------------------------------------------------------
On May 31, 2011, Trico Marine Services, Inc., and certain of its
subsidiaries, Trico Marine Assets, Inc., Trico Holdco, LLC, Trico
Marine Operators, Inc., Trico Marine Cayman, LP and Trico Marine
International, Inc., filed their unaudited combined monthly
operating report for the period April 1, 2011, through April 30,
2011, with the U.S. Bankruptcy Court for the District of Delaware.
The Monthly Operating Report is limited in scope, covers a limited
time period and has been prepared solely for the purpose of
complying with reporting requirements of the Bankruptcy Court and
the Bankruptcy Code. The financial information contained in the
combined monthly operating report is preliminary and unaudited and
does not purport to show the financial statements of any of the
Debtors in accordance with accounting principles generally
accepted in the United States of America and, therefore, may
exclude items required by GAAP, such as certain
reclassifications, eliminations, accruals and disclosure items.
The Company cautions readers not to place undue reliance on the
report.
The Debtors' Statements of operations reflected the following
revenue and net income (loss) figures:
Name of Debtor Revenue Income (Loss)
-------------- ------- -------------
Trico Marine Services, Inc. $0 $1,077,499
Trico Marine Assets, Inc. $25,313 ($39,396)
Trico Marine Operators, Inc. $97,625 ($8,487,117)
Trico Holdco, LLC $0 $0
Trico Marine Cayman, LP $0 $86,972
Trico Marine International, Inc. $0 $477,179
Payments to professionals totaled $3,018,329 during the month.
Payments to insiders totaled $147,666 during the month. Payments
to insiders exclude intercompany transfers between Debtor
entities.
A copy of the operating report is available at http://is.gd/f7qDS9
About Trico Marine
Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection (Bankr. D. Del. Case No.
10-12653) on Aug. 25, 2010. John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
serve as the Debtor's bankruptcy counsel. The Debtor disclosed
US$30,562,681 in assets and US$353,606,467 in liabilities as of
the Petition Date.
Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No.
10-12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.
Cahill Gordon & Reindell LLP is the Debtors' special counsel.
Alix Partners Services, LLC, is the Debtors' chief restructuring
officer. Epiq Bankruptcy Solutions is the Debtors' claims and
notice agent. Postlethwaite & Netterville serves as the Debtors'
accountant and Ernst & Young LLP serves as tax advisors.
Pricewaterhousecoopers LLC provides the independent accountants
and tax advisors for the Debtors.
Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and will not be
subject to the requirements of the U.S. Bankruptcy Code.
The Official Committee of Unsecured Creditors tapped Laura Davis
Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang,
Ziehl & Jones LLP, in Wilmington, Delaware, and Andrew K. Glenn,
Esq., David J. Mark, Esq., and Daniel A. Fliman, Esq., at
Kasowitz, Benson, Torres & Friedman LLP, in New York, as counsel.
WASHINGTON MUTUAL: Ends April 2011 With $4.525 Billion Cash
-----------------------------------------------------------
On May 31, 2011, Washington Mutual, Inc., and WMI Investment
Corp. filed their monthly operating report for April 2011 with
the United States Bankruptcy Court for the District of Delaware.
Washington Mutual reported a net loss of $9.68 million for
April 2011.
At April 30, 2011, Washington Mutual had $6.759 billion in
total assets, $8.371 billion in total liabilities, and a
shareholders' deficit of $1.612 billion. Washington Mutual ended
April 2011 with $4.525 billion in unrestricted cash and cash
equivalents. Washington Mutual paid a total of $19.62 million in
professional fees and reimbursed a total of $2.29 million in
professional expenses in April.
WMI Investment reported a net loss of $8,714 for the month of
April.
At April 30, 2011, WMI Investment had $921.31 million in total
assets, $15,150 in post-petition liabilities, and a stockholders'
equity of $921.30 million. WMI Investment ended April with
$276.33 million in cash and cash equivalents.
A copy of the operating report is available at http://is.gd/waTze8
About Washington Mutual
Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries.
Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S.
government regulators. The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively). WaMu owns
100% of the equity in WMI Investment. When WaMu filed for
protection from its creditors, it disclosed assets of
$32,896,605,516 and debts of $8,167,022,695. WMI Investment
estimated assets of $500 million to $1 billion with zero debts.
WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal &
Manges LLP in New York City; Mark D. Collins, Esq., at Richards,
Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari,
Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver &
Hedges, LLP. The Debtor tapped Valuation Research Corporation as
valuation service provider for certain assets.
Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Fled LLP in New
York City and David B. Stratton, Esq., at Pepper Hamilton LLP in
Wilmington, Del., represent the Official Committee of Unsecured
Creditors. Stephen D. Susman, Esq., at Susman Godfrey LLP and
William P. Bowden, Esq., at Ashby & Geddes, P.A., represent the
Equity Committee. The official committee of equity security
holders also tapped BDO USA as its tax advisor. Stacey R.
Friedman, Esq., at Sullivan & Cromwell LLP and Adam G. Landis,
Esq., at Landis Rath & Cobb LLP in Wilmington, Del., represent
JPMorgan Chase, which acquired the WaMu bank unit's assets prior
to the Petition Date.
On Jan. 7, 2011, the U.S. Bankruptcy Court for the District of
Delaware entered a 107-page opinion determining that the global
settlement agreement, among certain parties including WMI, the
Federal Deposit Insurance Corporation and JPMorgan Chase Bank,
N.A., upon which the Plan is premised, and the transactions
contemplated therein, are fair, reasonable, and in the best
interests of WMI. Additionally, the Opinion and related order
denied confirmation, but suggested certain modifications to the
Company's Sixth Amended Joint Plan of Affiliated Debtors that, if
made, would facilitate confirmation.
Washington Mutual has filed with the Bankruptcy Court a Modified
Sixth Amended Joint Plan and a related Supplemental Disclosure
Statement. The Company believes that the Modified Plan has
addressed the Bankruptcy Court's concerns and looks forward to
returning to the Bankruptcy Court to seek confirmation of the
Modified Plan.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise
Marie Varquez, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.
Copyright 2011. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***